Asset management giant Vanguard has been fined more than $100 million to settle charges related to disclosures around target date investment funds, the Securities and Exchange Commission announced Friday.

Vanguard Group will pay more than $106 million to settle US Securities and Exchange Commission allegations that it made misleading statements about capital gains distributions and tax consequences to retail investors who held popular target-date retirement funds in taxable accounts.

Vanguard agreed to pay $106.4 million to the Securities and Exchange Commission Friday to settle charges for “misleading statements” connected to its target retirement funds that resulted in higher taxes for retail investors,